RIYADH, 19 November 2007 — The OPEC Fund for International Development (OFID) has announced to increase its annual commitments in the forms of loan and grants to $1 billion from 2008 with a pledge to play more active role to combat poverty, particularly in developing countries — where one-half of humanity continues to live without basic needs. The OFID committed $700 million in 2006 alone with a large part of the funds benefiting low-income countries.
“We cannot and should not ignore that around 800 million people in the developing world are chronically undernourished, and one child dies of hunger every five seconds,” said Suleiman Jasir Al-Herbish, OFID director-general, here yesterday.
Al-Herbish, who announced a donation of $500,000 for the victims of Bangladesh cyclone and a major scholarship program for students of developing countries, spelled out the key concerns relating to energy and sustainable development.
“My views on energy and development come from a very different perspective to those already heard — that of a practitioner of development,” said Al-Herbish, adding that they are the views of OFID and those of the 121 or so partner countries that the Fund works with to effect socioeconomic progress.
He said that “there are two diverse agendas — that of the developed world and that of the developing world when it comes to the issue of development and energy”.
Asked about the details of the scholarship program, Al-Herbish said that “it is part of our commitment”. The Fund, he said, is pleased to invite applications for its 2008 Scholarship Award. This annual scholarship will support aspiring graduate students from developing countries who wish to enhance their academic credentials.
The winner will receive a scholarship of up to $100,000 spread over a maximum of two years, toward the completion of a master’s degree, or its equivalent, at an accredited educational institution.
